From the following Receipts and Payments Account of Sports Club, prepare an Income and Expenditure Account for the year ended 31st March, 2018 and a Balance Sheet as on that date: Receipts Amount Payments Amount

To Cash in hand To Subscriptions: 2016 17 : 5,000 2017 18 : 1,12,400 2018 19 : 3,000 To Prize Fund To Charity Fund To Sale of waste paper

8,400

1,20,400 20,000 10,000 1,200 By Salaries By Prizes distributed By Charity given By Upkeep of land By Office expenses By Defense bonds By Balance c/d (Cash in hand)

60,000 15,000 8,000 5,000 7,500 1,50,000 19,500

3

To Endowment fund To Sale of car

45,000 60,000 2,65,000 2,65,000

Additional Information: (a) The club has 1,200 members, each paying an annual subscription of 100. In 2016-17 twenty members had paid their subscription for 2017-18 as well. (b) On 31st March 2018, Salaries outstanding amounted to 10,000. Salaries paid in 2017-18 included 8,000 for the year 2016-17. (c)On 1-4-2017 the club had Land and Building valued at 5,00,000 and car valued 1,25,000.